Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit of 600-700 million yuan in 2024, representing a year-on-year growth of 21.18%-41.37% [1] - The company is projected to continue its growth trajectory in 2025, driven by increased orders and improved operational efficiency [2] - The company is focusing on expanding its presence in offshore markets and enhancing its product offerings in the renewable energy sector [2] Financial Performance Summary - Revenue projections for 2024-2026 are 6.89 billion, 8.60 billion, and 9.29 billion yuan, with year-on-year growth rates of 39%, 25%, and 8% respectively [3] - Expected net profits for the same period are 658 million, 876 million, and 1.08 billion yuan, with growth rates of 32%, 33%, and 24% respectively [3] - The company's P/E ratios for 2024-2026 are projected to be 23.1x, 17.4x, and 14.1x [3] Operational Highlights - The company has seen a significant increase in its order backlog and product delivery scale, which is expected to drive revenue and profit growth [2] - The company is implementing cost control measures and enhancing operational efficiency to improve overall profitability [2] - The company is poised to benefit from the growing demand in the offshore wind, data center, and renewable energy sectors [2][8]
明阳电气：业绩预告表现符合预期，2025年持续看好海风、数据中心、出海发展